Bitcoin, ether extend gains as Russia-Ukraine conflict intensifies

Time：2022-03-01 Source： 1262 views Trending Copy share

Bitcoin (BTC-USD) and ethereum (ETH-USD) are extending gains to key levels as tensions between Russia and Ukraine seem to be boosting demand for digital assets.

Bitcoin (BTC-USD +12.0%) rose to as high as $45.1K per token in early Tuesday action, recently changing hands at $44.6K. Keep in mind that BTC is still well below its mid-November all-time high of $69.4K. Ethereum (ETH-USD +9.6%) is surging to $3.02K. The global crypto market cap is soaring nearly 13% to $1.95T, with binance coin (BNB-USD +9.5%), ripple (XRP-USD +6.3%), terra (LUNA-USD +16.1%), cardano (ADA-USD +10.0%), solana (SOL-USD +6.6%), avalanche (AVAX-USD +12.7%), dogecoin (DOGE-USD +7.7%), polygon (MATIC-USD +7.9%), wrapped bitcoin (WBTC-USD +11.8%), cosmos (ATOM-USD +12.3%) and uniswap (UNI-USD +6.0%).

In light of the crypto rebound amid a geopolitical crisis, bitcoin (BTC-USD) could "de-link from risk" and start trading more like a hedge to geopolitical instability and inflation, Chief Risk Officer for Japan at crypto trading firm B2C2 told Bloomberg. Note that gold (XAUUSD:CUR) +0.6%, a safe haven asset with a track record going back thousands of years, is rising to $1,920 per troy ounce, but has so far been overshadowed by bitcoin's surge. Speculators have also piled into U.S. Treasury bonds (NASDAQ:SHY) (NASDAQ:TLT) (NASDAQ:IEF) (NYSEARCA:ZROZ) since Russia first started to invade Ukraine, implying a flight to safety narrative is taking hold.

“Bitcoin saw a significant upward move today as it appears to have slightly regained its safe haven status while the Russia-Ukraine conflict continues to intensify,” XTB Market analyst Walid Koudmani told Bloomberg.

Crypto-related stocks are also catching bids in premarket trading, including: Marathon Digital (NASDAQ:MARA) +10%, Coinbase Global (NASDAQ:COIN) +3.4%, MicroStrategy (NASDAQ:MSTR) +5.4%, Riot Blockchain (NASDAQ:RIOT) +7.1%, Bit Digital (NASDAQ:BTBT) +6.1%, Core Scientific (NASDAQ:CORZ) +6%, Silvergate Capital (NYSE:SI) +3.3% and Bakkt (NYSE:BKKT) +4.7%.

Disclaimer : The above empty space does not represent the position of this platform. If the content of the article is not logical or has irregularities, please submit feedback and we will delete or correct it, thank you!